Tuesday morning CNBC reported how Lehman Brothers Holdings Inc. employees (what's left of them, anyway) were unhappy with the idea of a sale to Barclays plc. Their reasoning, per CNBC, is they felt the British bank was a bad fit for Lehman's corporate culture. That's right: Losing jobs and livelihoods (to go along with much of their net worth, which has evaporated with the death spiral of Lehman's stock) is apparently a secondary concern to whether the firm can maintain its "corporate culture," whatever that is.
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How exactly is an investment bank with 25,000 employees supposed to
have a "culture" of any kind anyway? Much less one that is unique from
the firms around it? It's complete nonsense, of course, but the lengths
to which it was (and apparently still is) believed explains a lot:
- It explains why some of the firm's employees were eager to
buy Lehman stock in recent months, ostensibly to demonstrate their
loyalty, even as its executives were selling.
- It explains
the overwhelming sense of denial emanating from all corners of Lehman's
corporate offices as it became clear to everybody else their ship was
sinking, fast.
- It explains the vaguely fascistic letter from a parting Lehman executive.
To be fair, such brainwash is hardly unique to Lehman or even to the
investment banking industry at large. It can likely be found throughout
corporate America -- and not only at the huge institutions, either (as
anybody who survived a dot-com job can attest). To some degree it's
probably necessary, too. After all, you want your employees thinking
alike and sharing a common vision if they're going to sacrifice to move
the firm forward. If it's a delusion then so be it; nobody is forced to
play along, though there are cash and prizes aplenty for those who do.
Until, of course, the whole thing goes belly-up. When that happens
those who "drank the Kool-Aid" will likely be in for a very rude
awakening, the extent of which is about to unfold. - Nathaniel Baker
Comments
Hey Nathanael
Such a shame your article is based on a single comment from "whatever" angry employee you talked to!
It is pretting shocking to come here and make fun of people, who have dedicated their life for a company and see it collapse overnight, almost under the watch of those same banks, coming back the next morning picking up lefts!
I think Lehman people should be proud of their culture: why not...they built is
Also they should be seen as martyres, given the market reaction, it is obvious that one company had to go bust in order to make the others been more clear about their assets
it has to be lehman, which people were NOT at all the less talented of the W. Street
Hope you guys find new jobs soon ...